SB1992

Oklahoma SB1992 amends income tax credit rules for strategic finance partners and qualifying projects.

Oklahoma SB1992 amends the income tax credit rules for strategic finance partners and qualifying projects. It defines "strategic finance partner" as any entity providing capital to a qualifying project, subject to Oklahoma tax. The bill allows a credit against tax for up to 10% of qualified economic development expenditures, with a cap of $6 million per project. Unused credits can be assigned to a qualifying project affiliate, with limits. The Oklahoma Department of Commerce reviews eligible expenditures and project status. The act becomes effective November 1, 2026.